I was speaking with a financial advisor today and they had built a rapport after a few successful referrals. The financial advisor felt comfortable and shared that they have seen an uptick this year in referrals coming from TM throughout our area in particular where the customer didn’t know they were meeting with a financial advisor. I found this particularly odd because they told me it wasn’t common but it is happening only in our northern coastal area of Florida and it averages to 2 out of three clients from our area who thought the person they were meeting was a savings account specialist. I shared with the advisor that I have heard our region manager and area manager using those terms as a best practice but shared with the advisor that personally I don’t introduce like that. The financial advisor told me a bunch of jargon around how it’s against this or that. I’m not sure if it was polices or laws, but I found it odd how our area leader and region leader are telling us to do things that put us at odds with the customers and the integrated relationship partners like a financial advisor. I’m new here and I’m reluctant about investing much time here because senior leadership is already giving off the Wells Fargo vibes. What’s thoughts? Is this normal? Advisors input?
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My area manager came to watch our morning motivator with our branch leader. During the day, she was with us behind the service line telling customers about a CD specialist and savings account specialist. The area manager also said if it’s a business to tell the customer that it’s a business savings specialist. She clearly knows that the financial advisor is an investment advisor who offers long term products 3-5 years or more for a non fdic strategy that may lose value but she says by introducing with their actual position title customers may become hesitant or intimidated. My uncle is a licensed advisor at a local brokerage firm, I know better than what I’m being told. But for me to get promoted to an RB, the AL wants to see me lie to the drive through customers to get them to commit to a meeting that isn’t even true. At this point I don’t even want a promotion here because I’ll be embarrassed by all the customers when they figure out I lied to them. I’m better off going to one of the 20 banks in Ormond and starting fresh.
Very similar situation in Atlanta Southern Georgia last year. We were being told to just tell the client they’ll “get better rates” Which caused a very similar situation with premier/FA’s being frustrated and not qualifying.
Our strategy now for Atlanta Southern Georgia is mortgage “because if the client picks up the phone they’ll go ahead and qualify it”
Didn't we have training or something about this? I think you have to tell your manager or tell some board or committee or something. I can't remember. I do remember that "don't tell anyone" was the wrong answer on the test.
You bring in Wells Fargo teammates to leadership roles, you get Wells Fargo unethical behaviors. Notice no one is coming here from JPM Chase (a great culture), only from Wells and BofA?
My suggestion to the person who posted is to keep your head down, your mouth shut, and to do what you are told to do. I can promise you that leadership has zero interest in hearing your thoughts, opinions, or ideas on this.
Report it to HR, now that’s funny🤡
This is absolutely deceptive. But good luck getting anywhere with reporting it. In another region they are being told to “loop in” a private banker before making the referral to an investment counselor. Also to refer clients to a mortgage lender before doing a HELOC. And that is directly from regional leadership and with the encouragement of area leadership.
This is a deceptive and unethical practice if true. Appears your leadership is doing this to “game” the system especially around the scorecard. Advice would be to report it to HR.